We revisit the GSC 5249-01240 light curve obtained during its occultation by Saturn's north polar region. In addition to refractive scintillations, the power spectrum of intensity fluctuations shows an enhancement of power between refractive and diffractive regimes. We identify this excess power as due to high-amplitude spikes in the light curve and suggest that these spikes are due to caustics associated with ray-crossing situations. The flux variation in individual spikes follows the expected caustic behavior including diffraction fringes, which we have observed for the first time in a planetary occultation light curve. The presence of caustics in scintillation light curves requires an inner scale cutoff to the power spectrum of underlying density fluctuations associated with turbulence. Another possibility is the presence of gravity waves in the atmosphere. While occultation light curves previously showed the existence of refractive scintillations, a combination of small projected stellar size and a low relative velocity during the event have allowed us to identify caustics in this occultation. This has led us to reexamine previous data sets, in which we have also found likely examples of caustics.